Would you attempt a flip on this moldy house?

Question

I am interested in some help analyzing this house.

https://www.redfin.com/IL/Lake-Bluff/136-E-Sherida....

It is a 2br/1.5ba

Finding anything in this part of Lake Bluff, east of Mckinley Rd, for under $500,000.00 is rare.

Would you take on this flip? The moldy ceilings are scary. It has nice bones and perhaps the room with the skylights could be made into a third bedroom?

How hard is it to remove mold? How costly? Looks like it would need a new roof, kitchen renovation, paint, looks like there is some graffiti on the siding.

Lake Bluff is one of the wealthiest suburbs in our country.

Thanks!

Account Closed · Answer

Your link doesn't seem to work, but I just had some mold mitigation done on a home in Indiana...

I got two appraisals.  First was $4,055 and was estimated based on floor square footage (what you would normally consider the square footage of a house as an example).

The second estimate was based on the square footage of the walls, plus the square footage of the ceilings, plus the square footage of the floors, etc...  it came in at $8,871.28.

Needless to say, I went with the first guy, and he finished the job today...here are pics of the remediation work I needed.  The walls are OSB (not drywall)...

Laura Tokgozoglu · Answer

Thank you Ed! I cannot seem to get a link to it but the address is

136 E Sheridan Rd  Lake Bluff , Il 60044, If any wants to google it and look at the pictures. It needs a cash buyer, and I do not think I can come up with the cash at this time. The mold does not look as extensive as yours, Ed. I think if it were fixed up it might sell for about $400,000 at least, more if  another bedroom could be added, or perhaps a MBR.